Rodrigo de Azeredo Santos announced Brasilia's preparedness to continue economic cooperation with Tehran even after the U.S. energy and banking sanctions are re-imposed on the Islamic republic in November.

Santos made the remarks at a meeting attended by the head of Iran-Brazil Chamber of Commerce, Kaveh Zargaran, and some other high-ranking officials in Tehran on Sunday.

The credit line will be opened by the Brazilian Development Bank, he said, adding that Brazilian officials and the Iranian side are in talks to implement the agreement.

In July, the European Union established an 80-billion-dollar fund to give credit to small and medium-sized enterprises doing businesses with Iran.

European authorities were interested in resisting U.S. restrictions on cooperation of European countries with Iran, said Mohammad-Hossein Adeli, former secretary general of the Gas Exporting Countries Forum.

According to Adeli, who was the governor of Iran's central bank from 1989 to 1994, the Iranian companies could also apply for loans and budget from the fund.